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2026.05.1304:04:08UTC+00TTF Prices Hold Gains

European natural gas futures slipped to around €46.3 per megawatt-hour but retained most of their recent gains, as fears grew over more prolonged supply disruptions. President Donald Trump’s rejection of Iran’s response to a U.S. proposal to end the conflict has intensified concerns that the 10-week-old war could drag on, further disrupting shipping through the Strait of Hormuz. Prospects for a lasting ceasefire have also dimmed. With the strait currently blocked by both countries, roughly one-fifth of global LNG supply has been cut off. While most gas exports from the Persian Gulf are typically destined for Asia, the interruption has tightened global supply and sharpened competition for cargoes, raising serious concerns for Europe as it seeks to rebuild gas inventories ahead of winter.

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